Foreclosure filings on U.S. properties were down 7 percent
month-over-month, and 28 percent on the year.

"The U.S. foreclosure landscape in January was profoundly altered
by the effects of new legislation that took effect in California
on the first of the year,” said Daren Blomquist, vice president
at RealtyTrac in a press release.

“Dubbed the Homeowners Bill of Rights, this legislation extends
many of the principles in the national mortgage settlement —
including a prohibition on so-called dual tracking and requiring
a single point of contact for borrowers facing foreclosure — to
all mortgage servicers operating in California. ...As a result,
the downward foreclosure trend in California accelerated into
hyper speed in January, decisively shifting the balance of power
when it comes to the nation’s foreclosure activity."

Here are some details from the report:

One in every 869 properties across the country received a
foreclosure filing in January.

U.S. foreclosure starts were down 11 percent from December,
and down 28 percent from a year ago, falling to a 79-month low.
This was impacted in large part by a decrease in California's
notices of default (NOD) in January that were down 62 percent
from December.

U.S. bank repossessions (REO) were at their lowest level
since February 2008.

"Scheduled foreclosure auctions increased from the previous
month in 26 states and the District of Columbia."

With one in every 300 homes in Florida receiving a
foreclosure filing in January, it had the highest foreclosure
rate for the fifth straight month. The rate was twice the
national average. Florida also had the highest number of
properties with foreclosure filings for the month.